Test 1

Question 1

complete two-part self-assessment.

Answer 1

Self-assessment

Question 2

presentation to an unfamiliar workplace adult.

Answer 2

Self-assessment presentation

Question 3

complete online credit application.

Answer 3

Micro-Enterprise Credit Application

Question 4

register a fictitious business on GeauxBiz student portal.

Answer 4

Company Registration

Question 5

online certification exam.

Answer 5

Credential Online Test

Question 6

money owed by a company to a supplier. Ex. I purchase $10,000 of beauty supplies from a distributor to put in my store. The distributor gives me 60 days to pay it back. The $10,000 is now in accounts payable for my company meaning I owe it to someone.

Answer 6

Accounts Payable

Question 7

Money owed by a customer to a company. Ex. You purchased a new computer from me for $1,000. You put down $200 and signed a contract agreeing to pay the remaining $800 within the next 30 days. That $800 goes into accounts receivable in my company meaning someone owes my company $800.

Answer 7

Accounts Receivable

Question 8

Individuals that make small investments in an enterprise or to support an entrepreneur where they do not except an immediate or large return on the investment. They are typically friends and family who know the business owner and want to see them succeed.

Answer 8

Angel Investors

Question 9

Something of value. Anything owned. Ex. A house, a diamond ring.
A security is a financial asset – a piece of paper that represents ownership in a something and is worth money.

Answer 9

Assets

Question 10

debt from a bank. Banks require much more information from potential borrowers, and take more time to make a lending decision based on a great deal of analysis. Therefore, bank loans are less expensive that online lines of credit.

Answer 10

Bank Loan

Question 11

a loan. A bond is a security that investors buy and sell, that represents a legal obligation from the company issuing the bond that they will repay the funds they received when they issued the bond.

Answer 11

Bond

Question 12

A determination of how many units are needed to sell in order to pay for all fixed costs.

Answer 12

Break even Analysis

Question 13

A company that provides individuals and companies with access to financial markets. Ex. You buy stocks and bonds from a broker.

Answer 13

Brokerage

Question 14

Proper business behavior beyond complying with legal requirements.

Answer 14

Business Ethics

Question 15

Funds contributed by investors to a business. Investors contribute capital to a business because they expect a significant return on their investment when the business succeeds.

Answer 15

Capital (or Equity)

Question 16

Expenditures on equipment the business will use for many years.

Answer 16

Capital Expenditures

Question 17

Total revenues minus Total cost minus one-time expenditures (called “capital expenditures”) on equipment that will be used for many years.

Answer 17

Cash Flow

Question 18

Cash, publicly traded stocks, government bonds, or corporate bonds that can be quickly turned to cash. Cash instruments can be turned into cash at values that are predictable and available to all holders of the cash instrument. Ex. Apple stock is a cash instrument because it can be sold and converted to cash immediately and the amount that anyone would get for that stock would be the same.

Answer 18

Cash Instruments

Question 19

Equipment, inventory or other goods that are pledged to the bank in the case the company cannot make a loan payment.

Answer 19

Collateral

Question 20

The ability to interact in a friendly and effective way with unfamiliar people. The ability to seem welcoming and easy to talk to, even with people who are different in age, appearance, or background.

Answer 20

Comfort Engaging with Strangers

Question 21

money earned when something is sold.

Answer 21

Commission

Question 22

a promise to keep information you learn secret, this promise is often formalized by singing a Non-Dis closer Agreement (or NDA).

Answer 22

Confidentiality

Question 23

unit price minus cost of goods sold.

Answer 23

Contribution Margin

Question 24

a loss that an insurance company will reimburse a policyholder for in the events of a claim.

Answer 24

Covered Loss

Question 25

funds lent to a business with an agreement that the business will repay the lender with interest.

Answer 25

Credit (Or Debt)

Question 26

What are the five components you must complete to obtain the regional micro-enterprise certification?

Answer 26

a. Self-assessment
b. Self-assessment presentation
c. Micro-Enterprise Credit Application
d. Company Registration on Geaux Biz student portal
e. Online credential test

Question 27

Micro-Enterprise

Answer 27

Means small business

Question 28

Small Businesses

Answer 28

Provides the majority of employment in Louisiana and the U.S.

Question 29

What is BRAC?

Answer 29

Baton Rouge Area Chamber and creator of the Micro-Enterprise certification

Question 30

What is the online program that provides unlimited access to industry experts in all careers?

Answer 30

Nepris